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Legal chief may open criminal proceedings following sanctions from Swiss financial watchdog FINMA

Falcon Private Bank

By Reuters

Tue 11 Oct 2016 01:45 PM

Switzerland's Office of the Attorney General (OAG) may open criminal proceedings against Zurich-based Falcon Private Bank following sanctions from Swiss financial watchdog FINMA, the OAG said on Tuesday.

"The question of opening criminal proceedings against Falcon Private Bank Ltd is being considered," the OAG said in a statement.

"In this context, the OAG has requested the Swiss Financial Market Supervisory Authority FINMA to provide a copy of its enforcement decision and will decide whether to open criminal proceedings against the Falcon Private Bank after analysing this decision."

FINMA ordered Falcon to turn over 2.5 million Swiss francs ($2.56 million) in what it said were illegal profits after finding breaches in money laundering regulations in connection with Malaysian sovereign fund 1MDB.

Separately, the Monetary Authority of Singapore (MAS) said it had ordered Falcon's Singapore branch to cease operating because of "a persistent and severe lack of understanding" of Singapore's money-laundering control.